I think both are super misleading. When you look at economic measures living standards get reduced to material well-being. If your mind is in the 17th century and your body is enjoying 21st century material conditions you do not in fact have the same living standards.
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When we measure the economic welfare of the global poor, we should look at living standards, not wealth. It's almost impossible to measure the wealth of the global poor, because we don't know what they own (maybe a bit of land?) or the market prices of those things.
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